PARIS: Today at Global Space Business Week, US space leader Sky announced the successful completion of a Series C investment round led by Mawarid Holding Company (Mawarid). Sky specializes in manufacturing High Altitude Platform Systems ( HAPS ), while Mawarid is a leading Saudi company operating in diverse fields such as communications and information technology, satellites, digital solutions and more.

Sky has strengthened its balance sheet with this Series C round, valuing the company at $525 million before funding. This round is expected to provide sufficient liquidity to fund R&D, flight programs and commercial operations in 2025.

This strategic alliance builds on Sky’s successful partnership trajectory following its partnership with America Mobile as the largest investor in the previous Series B round, focusing on the Latin America region.

“This Series C investment round is a critical milestone for Sky,” said Mikkel Vestergaard Frandsen, Founder and CEO of Sky. “This funding will accelerate the development of our platform and commercial roadmap, and pave the way for commercialization of our high-altitude platform systems technologies in 2025. Furthermore, our partnership with Mawarid opens up new horizons for our innovative solutions to reach new regions and markets.”

Ghassan Itani, Assistant Chairman of the Board of Directors of Mawarid, added: “This partnership reinforces Mawarid’s commitment to leadership in technical development and providing digital solutions that serve important sectors in this field. By leveraging the technology of high-altitude platform systems, we will strengthen our position as a comprehensive provider of strategic solutions in the space sector.”

The announcement of this investment round follows the success of Sky’s Flight 2024 program, where the company achieved a major milestone by demonstrating its capabilities in sustained and stable flight over the operational area. The flight test proved that Sky’s high-altitude platform systems can operate continuously using solar power during the day, while battery power ensures continuous flight at night.

This achievement highlights the creation of a new infrastructure between ground and space communications systems, and reflects the transformative capabilities of HAPS technology in expanding network connectivity, managing disaster response efforts, monitoring environmental changes, and observing climate disasters as they occur.

About Sky Company

Founded in 2014, Sky is a space company dedicated to developing stratospheric technologies to facilitate communication services between people and protect the Earth. Sky is a leading manufacturer of high-altitude platform systems, focusing on global communication systems connectivity, climate monitoring, natural resource management, and disaster prevention.

About Al Mawarid Company

Established in 1968, Mawarid Holding Company is a leading Saudi company with a diversified portfolio of businesses including, but not limited to, telecommunications, information technology, satellites and digital solutions. Mawarid Holding is a global player in the telecommunications sector, as evidenced by its role as a founder and shareholder of Iridium Communications ( Nasdaq: IRDM ) since the early 1990s, as well as its operations in the telecommunications and information technology sectors in the Middle East (e.g. Salam, TLS , ATSS , and Noorsat ( Geo operator in the region)).

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